Hey ninjas, how’s the trading going? At press time the crypto-market is trading sideways, bitcoin is reporting moderate losses on the day while altcoin giant Ethereum is reporting gains as it nears $200.
United States-based crypto exchange Kraken experienced a bug on the 13th of September which altered the price of Bitcoin and allowed its users to buy and sell Bitcoin at a different price from its market value.
The following day the firm explained the situation on a Tweeter thread explaining that the bug was caused by the testing of an unreleased advanced order type. On the day of the glitch, BTC was initially trading around $10,300.
According to exchange, some customers bought Bitcoin from the tester at $8,000 and others sold BTC at $12,000 without clearing the intervening liquidity.
Kraken further explained that no liquidity was exhausted and stop market orders were correctly filled at market price, also suggesting that the affected customers present a support ticket. Jesse Powel, co-founder, and CEO of Kraken explained that the feature being tested had already seen thousands of human and automated tests for several months, further explaining that all bugs and errors cannot be discovered at once.